Project Management 2020
1) Name the Processes of Project Time Management?
Ans. Time management is one of the essential parts of managing a project
because it helps ensure the project is completed on time.
➢ Plan schedule management
➢ Define activities
➢ Sequence activities
➢ Estimate activity resources
➢ Estimate activity durations
➢ Develop schedule
➢ Control schedule
2) Explain the milestone with an example in project management?
Ans. A project milestone is a way to observe, measure, and monitor the
progress and/or performance of a project. Milestones, in general, exist as
intermediate stages that must be fulfilled before reaching a final goal or
objective. In terms of their usefulness, milestones can be defined and
provide a foundation from which to monitor progress. They can also serve
as proof for explaining and reporting the status of a project. Key
characteristics of milestones include their frequency and potential for
providing opportunities for course corrections and learning experiences.
Milestones can also be used to maintain accountability and motivate staff.
Some examples of milestones include: high priority tasks, checkpoints and
deliverables. They can also include obtaining funding and patents,
producing prototypes and press releases, hiring staff, and signing contracts.
Project milestones example
• Mark critical tasks. Tasks that must be completed at a specific time or
the project will be blocked, such as a creative concept approval for a
marketing campaign.
3) Differentiate total slack and free slack?
Ans. Free slack is the amount of time in a schedule that can be taken
before the next task is delayed. Total slack is the amount of time in a
schedule that a task can be delayed before an entire project's completion
the date is delayed.
Slack, also called float, is the amount of time a task can slip before it
bumps into another task. It’s automatically calculated into your project
when you schedule tasks, and you can use it as buffer time if needed when
your schedule is at risk of being delayed.
There are two types of slack:
- Free slack: The free slack of an activity is the time this activity can be
delayed without impact on the following activity.
- Total slack: The total slack of an activity is the time this activity can be
delayed without impact on the finish date of the project.
4) Explain resource leveling with an example.
Ans. Resource leveling is a technique in which start and finish dates are
adjusted based on resource limitation with the goal of balancing the
demand for resources with the available supply.
For example, if a project requires 2 laborers for 10 days, followed by zero
laborers for 10 days, perhaps the project cost can be reduced by
lengthening the schedule slightly, to allow for 1 laborer for 20 days.
Sometimes a resource is needed elsewhere, making the assigned duration
for a task unachievable.
Long Questions
1) explain five characteristics of a good project manager?
Ans. A project manager is a person who has the overall responsibility for
the successful initiation, planning, design, execution, monitoring, controlling
and closure of a project. The project manager should make sure they
control risk and minimize uncertainty.
Effective communication skills
One of the qualities of a good manager is being a good communicator so
that he can connect with people at all levels. The project manager must
clearly explain the project goals as well as each member’s tasks,
responsibilities, expectations, and feedback.
Strong leadership skills
Effective project management means having strong leadership qualities
such as being able to motivate his team and drive them to maximum
performance so that they can achieve their goals.
Good decision-maker
An effective project manager needs to have decision-making skills because
there will always be decisions that need to be acted on.
Technical expertise.
Since project management software and other related programs are
essential in accomplishing the project goals, an effective project manager
needs to have the sound technical knowledge to understand the issues that are
related to the technical aspect. Knowledge of theory as well as the
the technical side can greatly help the manager in taking strategic initiatives
when needed.
Inspires a shared vision.
An effective project manager can articulate the vision to his team members
very well. A visionary person can lead his people in the right direction as
well as easily adapt to the changes that come in the way. They are good at
empowering people to experience the vision on their own.
Team-building skills.
It is necessary that a team works in unison otherwise the project will
undergo various relationship challenges that might hinder its success.
Project managers need to know how to give each of them the importance
they need by focusing on their positive traits. He has to be fair and just in
the way he treats them.
Cool under pressure.
As the project goes on, certain incidents could take a toll on the project’s
momentum and test the project manager’s patience. It is essential that a
the project manager keeps his calm at all times and is consistently grounded
so as not to lose himself and adversely affect his relationship with the team.
Good negotiation skills.
One of the qualities needed for effective project management is the ability
to negotiate. In times that conflict arises due to differences in opinion, project
managers need sheer negotiating skills to settle the issue and maintain
harmony in the team.
Empathetic.
Understanding and caring for people as well as being grateful for their help
are a few of the things that an empathetic leader shows to his members. It
includes understanding the needs of the project and its stakeholders.
Competence.
A good manager knows what he is doing, can initiate new projects as well
as face the challenges that come with them.
It is necessary for an effective project manager to possess most of these
attributes for him to succeed in managing the project.
2) explain two techniques of cost estimation by taking relevant
examples?
Ans. In the field of project management, cost estimation is the process of
estimating all of the costs associated with completing a project within scope
and according to its timeline.
Two types of most commonly used techniques are as follows:
Top-down Estimation
Top-down cost estimation starts with the identification of the overall scope
of the project and its total cost. After that, the general cost is broken down
into smaller components, depending on the project’s contents and
attributes.
Pro: The top-down approach is perfect for preliminary cost estimation
performed at the early stages in the project’s life cycle when managers still
don’t have a detailed understanding of project features and activities
involved. Since this technique doesn’t consider any nuances, it is very easy
and fast to implement.
Con: Results of top-down estimation are usually generalized in nature and
lack accuracy. Therefore, it is recommended to combine this method with
more advanced techniques throughout the course of budgeting and project
planning.
Bottom-up Estimation
In contrast to top-down estimation, the bottom-up approach starts the cost
calculation process with the identification and evaluation of the separate project
components. The expenditures for every individual project task or a series
of tasks are then summed up to arrive at the total project cost.
Pro: The bottom-up estimation technique can be very accurate in case a
thorough and complete work breakdown structure is applied.
Con: The development of a work breakdown structure is usually time-consuming and requires much effort, especially if the project under
consideration is a complex one.
3) Explain Quality Assurance and Quality Control by taking
relevance examples?
Ans. Quality Assurance
Doing the right things in the right way provides assurance. Quality
assurance can be defined as "an important part of quality
management focused on providing confidence that quality
requirements will be fulfilled." Assurance is given upfront to all
stakeholders. The confidence provided by quality assurance is twofold –
internally to management and externally to customers, government
agencies, regulators, certifiers, and third parties. Another definition of
quality assurance is "all the planned and systematic activities implemented
within the quality system that can be demonstrated to provide confidence
that a product or service will fulfill requirements for quality."
In simpler words, quality assurance means using standard processes for
creating and delivering the expected product or service. It is a well-defined
and proven way of creating a product or service.
Hence strict process compliance is central to quality assurance. Whatever
set of processes and activities are identified for creating the deliverables,
must be adhered to by the team. Process compliance ensures the team will
create the right product.
Regular quality audits are conducted for checking process compliance by
the team. Quality assurance is a proactive and ongoing activity. QA
focuses on preventing defects.
Quality Control
Quality control can be defined as "another important part of quality
management focused on fulfilling quality requirements." While quality
assurance relates to how a process is performed or how a product is made,
quality control is more about the inspection aspect of quality management.
Another definition of quality control is "the operational techniques and
activities focused on monitoring the final results obtained from quality
assurance."
Inspection is the key function performed as part of quality
control. Inspection is the process of measuring, examining, and testing to
verify one or more characteristics of a product or service and the
comparison of these with specified requirements to determine conformity.
Products, processes and various other results can be inspected to make
sure that the object coming off a production line, or the service being
provided, is correct, and meets specifications.
Quality control activities are carried when certain products or results are
created by the team. It is also an ongoing process throughout the
production and development cycle.
QC is reactive and focuses on identifying defects.
Conclusion
Both quality assurance and quality control are two important functions of
quality management. QA is focusing on preventing defects while QC is
focusing on identifying the defect. Quality assurance is all about adhering
to specified processes. Quality assurance provides confidence that the
the team will create the expected product which fulfills the requirements. Quality
control is the follow-up activities which are done to verify that the created
products actually conform to the specified requirements.
Project Management 2019
1.Define triple constraints in project management?
Ans. The triple constraint theory in project management says
every project operates within the boundaries of scope, time, and cost.
For example, if a client wants to add a bunch of new features to
the project's scope, they'll have to budget more time and money to get 'er
done.
2. Define project management?
Ans. Project management is the process of leading the work of a team to
achieve goals and meet success criteria at a specified time. The primary
the challenge of project management is to achieve all of the project goals
within the given constraints.
3. Difference between project management and project portfolio
management?
Ans.
4.what do you know about WBS?
Ans. “A work breakdown structure defines all the things a project needs to
accomplish, organized into multiple levels, and displayed graphically.”
Essentially, the WBS defines the “what” of the project. Everything you need
to accomplish in the project is displayed in a single, easy to understand
chart.
5. Name techniques of cost estimation?
Ans.
➢ Project Cost Estimation Techniques.
➢ Analogous Estimating.
➢ Parametric Estimating.
➢ Bottom-Up Estimating.
➢ Three-Point Estimating
6. list reasons why organization outsources?
Ans.
➢ Reduce Cost of Operation
➢ Save on Training Costs.
➢ Free Up Resources.
➢ Company Restructure.
➢ Improve Productivity and Efficiency.
➢ Reduce Business Risk.
➢ Meet Compliance Requirements.
➢ Lower Wage Requirements.
7. List the tools and techniques for performing risk monitoring and
control?
Ans. Risk monitoring and control is the process of keeping track of the
identified risks, monitoring residual risks and identifying new risks, ensuring
the execution of risk plans and evaluating their effectiveness in reducing
risk. Risk monitoring and control records risk metrics that are associated
by implementing contingency plans. The tools and techniques for risk
monitoring and control are given below:
➢ Project risk response audits
➢ Periodic project risk reviews
➢ Earned value analysis
➢ Technical performance measurement
➢ Additional risk response planning
8. Enlist the processes involved in project human resource
management?
Ans. Project human resource management involves organizing and
managing a project team. The team is usually made up of people with
specific skills and responsibilities
The following are the various HR processes:
➢ Human resource planning (Recruitment, Selecting, Hiring, Training,
Induction, Orientation, Evaluation, Promotion, and Layoff).
➢ Employee remuneration and Benefits Administration
➢ Performance Management.
➢ Employee Relations.
9.What is a RACI chart?
Ans. RACI stands for Responsible, Accountable, Consulted, Informed. A
RACI chart is a simple matrix used to assign roles and responsibilities for
each task, milestone, or decision on a project. By clearly mapping out
which roles are involved in each project task and at which level, you can
eliminate confusion and answer the age-old project question, who’s doing
what?
10. what are the benchmarks?
Ans. Project benchmarking can be defined as: "The continuous,
a systematic search for and implementation of best practices, which lead to
superior performance" (The Benchmarking Centre). By taking an external
view of projects and setting objectives, the internal processes can then be
implemented to achieve these objectives
There are four main types of benchmarking: internal, external,
performance, and practice.
Long Question.
1. Explain the project cost management process. Also, explain basic
principle of the cost management?
Ans. Cost Management
It includes processes required to complete the project within the approved
budget. With its processes, this knowledge area aims to determine the
required budget to complete the project and then aims to monitor and
control the project costs to meet the determined budget
Cost Management in Project Management:
4 Main Processes
Plan Cost Management Process
The first process of this knowledge area is the plan cost management process.
In this process, how to determine a budget, estimate costs, and manage the
expenses throughout the project are planned. The cost management plan is the
the primary output of this process. It describes how to manage the project
costs and budget.
Two Important Terms in Plan Cost Management Process
➢ Life cycle costing is an important term in project management
➢ Value engineering is performing the same work in a less costly way.
Estimate costs process
The estimate costs process is the second process of cost management knowledge area. Cost estimation for each project activity and tools,
materials, equipment are done in this process. Then, based on these estimations, the overall project budget is estimated.
Different types of costs in the project:
Inputs for Estimating Costs & The Accuracy of Estimates:
Inputs for estimating costs are important. Because all cost estimation is based on the inputs.
The Accuracy of Estimates you will need to work more on planning to reach
a more accurate estimation.
Determine Budget Process
Determine Budget Process is the third process of cost management knowledge area. After estimations are done, all cost estimations are combined during this process and the overall project budget is determined.
Project Budget will have components. After activity cost estimates are complete, there will be contingency reserves on top of these estimates such as activity contingency, management reserve, etc. to accommodate any risks if they occur during the project.
Control costs process
Control costs are the fourth and last process of the cost management knowledge area. This process mainly aims to control the project expenses
and complete the project on determining the budget.
Basic principles of cost management
The seven principles of cost management effective cost management
➢ Provide clear, consistent performance objectives.
➢ Provide knowledge, tools to succeed.
➢ Understand true costs.
➢ Excellence: The only acceptable performance target.
➢ Reduce organizational complexity.
➢ Commit to broad-based, knowledge-driven involvement.
➢ Management decisions impact the organizational cost
3.What is the difference between brainstorming and the Delphi techniques for risk identification? What are some of the advantages and disadvantages of each approach?
The 5 Benefits of Brainstorming
➢ Outside Input. Brainstorms allow for others to freely propose ideas.
➢ Idea Building. Each idea that is brought up doesn't have to stand on its own.
➢ Breaks Routine. Another benefit of having a brainstorming session is to get out of a normal routine.
➢ List Generation.
➢ Teamwork.
Disadvantages of brainstorming
➢ Some participants are quieter and don't like to speak spontaneously in groups. Other participants speak too much
➢ Some participants need longer to understand the theme and can't immediately provide ideas. It's not possible to cover all risks with brainstorming.
Delphi Technique
Advantage.
➢ Businesses save time/costs when using a group of experts without bringing them together.
➢ Experts will give clear ideas/solutions on how to improve on low productivity/ profitability.
➢ Panel members/Experts can give new information on problems.
➢ Information received from experts can be kept confidential.
Disadvantage
➢ The Delphi technique is somewhat time-consuming, which renders it
ineffective when fast answers are needed
➢ It might also be deficient in the degree of fully thought-out resolutions.
➢ People acting together in a group setting benefit from others' ideas.